TEHRAN Oct 25 (Reuters) - Iran will soon sign a $5 billion contract with a foreign company to develop its offshore Farzad-B gas field, the Oil Ministry's website SHANA said on Monday.
The report did not name the company, but India's state-run Oil and Natural Gas Corpration Limited (ONGC.BO: Quote) (ONGC) heads a consortium which has exclusive exploration rights for the offshore Farsi block of which the Farzad-B gas field is part.
"Currently negotiation for the investment and development of this oil field in the Persian Gulf is at its final stage," Mahmoud Zirakchianzadeh, head of the Offshore Oil Co of Iran, was quoted as saying by SHANA.
Zirakchianzadeh said an initial agreement on developing the gas field on a buyback basis had already been signed with the foreign company which has already secured all the necessary permits.
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